K-Pop giant Big Hit Entertainment had an excellent 2020 despite the Covid-19 pandemic. Its financial results, published yesterday, revealed that the company behind BTS’s revenues grew by 36% last year to KRW 796.3bn (around $716.7m).
The breakdown is very interesting too. Concert revenues dropped off a cliff, unsurprisingly: down 98% to KRW 3.4bn. However, album sales grew by 196% to KRW 320.6bn, with rises in merchandise and licensing (53%), content (71%) and fan clubs (66%) helping to well the company’s coffers too.
Also interesting: only 30% of Big Hit’s revenues last year came from South Korea, with 24% generated elsewhere in Asia, 17% in North America, and 27% “online”. That means revenues from the company’s Weverse social platform, which it says “cannot be classified by geography”. Weverse had more than 4.5 million monthly active users by the end of 2020, generating in-app transactions of KRW 328.2bn over the course of the year.
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